Business
Private Placement Completed - Sprott takes 2 million shares
(via TheNewswire) Vancouver, BC - TheNewswire - July 8, 2020 - Teuton Res...
About this update from Teuton Resources Corp.
[{"type":"text","content":"Private Placement Completed - Sprott takes 2 million shares(via TheNewswire)\n\n \n\n\n\n\n \nVancouver, BC - TheNewswire - July 8, 2020 - Teuton Resources Corp. (\"Teuton\" or \"the Company\") (TSXV:TUO) (\"TUC\"- Frankfurt) (OTC:TEUTF) announces that it has completed a non-brokered private placement of 3,000,000 units at a price of $0.80 per unit for gross proceeds of $2,400,000. Each unit consists of one common share and one-half a warrant, with each warrant exercisable into a common share at a price of $1.00 for a period of one year from closing. \n\n \n \nOf the 3.0 million units, Eric Sprott's private company, 2176423 Ontario Ltd., took down 2,000,000 units at a cost of $1,600,000. There are no finder's fees associated with the transaction. The proceeds of the financing will be used to advance the Company's many properties in the Golden Triangle Region of northwestern British Columbia with a portion of the funds directed to general working capital. All securities issued pursuant to the private placement are subject to a statutory four-month hold period. The private placement was approved by the TSX-V on July 3, 2020.\n\n \n \nMr. Sprott also signed a voting agreement with Teuton promising to vote with management in the event of a hostile takeover bid, and to vote with management if it agrees to accept a takeover bid. Several of the other shareholders participating in the private placement have also signed similar voting agreements.\n\n \n \nEric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 2,000,000 units pursuant to the private placement. Prior to the private placement, Mr. Sprott beneficially owned or controlled 4,611,000 Shares and 2,500,000 Share purchase warrants representing approximately 10.6% on a non-diluted basis and 15.5% on a partially diluted basis assuming exercise of such warrants. Upon completion of the private placement, Eric Sprott now beneficially owns and controls 6,611,000 shares and 3,500,000 share purchase warrants representing approximately 14.2% on a non-diluted basis and 19.9% on a partially diluted basis assuming exercise of all warrants. \n\n \n \nThe units were acquired by Mr. Sprott, through 2176423 Ontario Ltd. for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company incl...